Converge Announces Renewal of Normal Course Issuer Bid
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has received approval from the Toronto Stock Exchange (TSX) for a Normal Course Issuer Bid (NCIB). The company can purchase up to 18,408,927 common shares for cancellation, representing 10% of its public float. The NCIB will run from August 13, 2024, to August 12, 2025. Converge believes this action reflects the underlying value of its business and future prospects. Purchases will be made on the open market at prevailing prices. The company also plans to enter an automatic share purchase plan (ASPP) with Canaccord Genuity Corp. to facilitate repurchases during blackout periods. Daily purchases are to 113,438 shares, about 25% of the average daily trading volume. Under its previous NCIB, Converge bought back 10,027,500 shares at an average price of $5.0595.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) ha ricevuto l'approvazione dalla Borsa di Toronto (TSX) per un Normal Course Issuer Bid (NCIB). L'azienda può acquistare fino a 18.408.927 azioni ordinarie per cancellazione, che rappresentano il 10% del suo flottante pubblico. Il NCIB avrà luogo dal 13 agosto 2024 al 12 agosto 2025. Converge crede che questa azione rifletta il valore sottostante della propria attività e le prospettive future. Gli acquisti verranno effettuati sul mercato aperto ai prezzi correnti. L'azienda prevede inoltre di entrare in un piano di acquisto automatico di azioni (ASPP) con Canaccord Genuity Corp. per facilitare i riacquisti durante i periodi di blackout. Gli acquisti quotidiani saranno limitati a 113.438 azioni, circa il 25% del volume medio di scambi giornaliero. Nel precedente NCIB, Converge ha riacquistato 10.027.500 azioni a un prezzo medio di $5.0595.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) ha recibido la aprobación de la Bolsa de Valores de Toronto (TSX) para una Oferta Normal de Adquisición (NCIB). La compañía puede comprar hasta 18,408,927 acciones ordinarias para su cancelación, lo que representa el 10% de su flotación pública. La NCIB se llevará a cabo desde el 13 de agosto de 2024 hasta el 12 de agosto de 2025. Converge cree que esta acción refleja el valor subyacente de su negocio y las perspectivas futuras. Las compras se realizarán en el mercado abierto a los precios vigentes. La compañía también planea entrar en un plan de compra automática de acciones (ASPP) con Canaccord Genuity Corp. para facilitar las recompra durante los períodos de bloqueo. Las compras diarias se limitarán a 113,438 acciones, aproximadamente el 25% del volumen medio de negociación diario. En su NCIB anterior, Converge recompró 10,027,500 acciones a un precio promedio de $5.0595.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF)는 토론토 증권 거래소(TSX)로부터 정상 채권 발행 제안(NCIB) 승인을 받았습니다. 회사는 18,408,927주의 보통주를 매입하여 소각할 수 있으며, 이는 공개 떠 있는 주식의 10%에 해당합니다. NCIB는 2024년 8월 13일부터 2025년 8월 12일까지 진행됩니다. Converge는 이 조치가 사업의 기본 가치와 미래 전망을 반영한다고 믿고 있습니다. 매입은 현 시장에서 이루어질 것입니다. 회사는 또한 Canaccord Genuity Corp.와 함께 자동 주식 매입 계획(ASPP)을 체결하여 블랙아웃 기간 동안 매입을 용이하게 할 예정입니다. 일일 매입량은 113,438주로, 평균 일일 거래량의 약 25%에 해당합니다. 이전 NCIB에서 Converge는 $5.0595의 평균 가격으로 10,027,500주를 다시 매입했습니다.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) a reçu l'approbation de la Bourse de Toronto (TSX) pour une Offre de Rachat Normal (NCIB). La société peut acheter jusqu'à 18.408.927 actions ordinaires pour annulation, représentant 10 % de son flottant public. La NCIB se déroulera du 13 août 2024 au 12 août 2025. Converge estime que cette action reflète la valeur sous-jacente de son entreprise et ses perspectives futures. Les achats seront effectués sur le marché ouvert aux prix en vigueur. La société prévoit également de conclure un plan d'achat automatique d'actions (ASPP) avec Canaccord Genuity Corp. pour faciliter les rachats durant les périodes de blocage. Les achats quotidiens seront limités à 113.438 actions, soit environ 25 % du volume moyen quotidien d'échanges. Lors de son NCIB précédent, Converge a racheté 10.027.500 actions à un prix moyen de 5,0595 $.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) hat die Genehmigung der Toronto Stock Exchange (TSX) für ein Normal Course Issuer Bid (NCIB) erhalten. Das Unternehmen kann bis zu 18.408.927 Stammaktien zum Zwecke der Streichung erwerben, was 10% seines öffentlichen Float entspricht. Das NCIB läuft vom 13. August 2024 bis zum 12. August 2025. Converge glaubt, dass diese Maßnahme den zugrunde liegenden Wert des Unternehmens und die zukünftigen Perspektiven widerspiegelt. Der Kauf erfolgt auf dem offenen Markt zu den geltenden Preisen. Das Unternehmen plant außerdem, einen automatischen Aktienkaufplan (ASPP) mit Canaccord Genuity Corp. einzugehen, um Rückkäufe während Sperrfristen zu erleichtern. Die täglichen Käufe sind auf 113.438 Aktien begrenzt, was etwa 25% des durchschnittlichen täglichen Handelsvolumens entspricht. Im Rahmen des vorherigen NCIB hat Converge 10.027.500 Aktien zu einem durchschnittlichen Preis von 5,0595 USD zurückgekauft.
- Approval of NCIB allowing repurchase of up to 18,408,927 common shares (10% of public float)
- Implementation of ASPP to facilitate share repurchases during blackout periods
- Previous NCIB resulted in repurchase of 10,027,500 shares at $5.0595 average price
- None.
The Company and its Board of Directors believes that, from time to time, the market prices of the Common Shares may not fully reflect the underlying value of the Company's business and its future business prospects and accordingly, the NCIB is in the best interests of the Company and constitutes a desirable use of its funds.
Purchases of Common Shares under the NCIB will be made on the open market through the facilities of the TSX and/or permitted alternative Canadian trading systems. The price paid for the Common Shares will be at prevailing market prices in accordance with the applicable rules and policies of the TSX and applicable securities laws. All Common Shares acquired by the Company under the NCIB will be cancelled.
Additionally, the Company intends to enter into an automatic share purchase plan agreement (the "ASPP") with Canaccord Genuity Corp. ("Canaccord" or "the Broker") to facilitate the repurchase of Common Shares. Pursuant to the ASPP, Canaccord may purchase Common Shares under the NCIB at times when the Company would ordinarily not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Trading limits and other parameters for automatic purchases of the Common Shares under the ASPP will be determined between the Company and the Broker in accordance with the rules and policies of the TSX, applicable securities laws and the terms of the ASPP. Outside of these blackout periods, the Company may purchase Common Shares at its discretion under the NCIB.
Under the NCIB, other than purchases made under a block purchase exemption pursuant to the rules and policies of the TSX, Converge may not purchase more than 113,438 of the issued and outstanding Common Shares on the TSX during any trading day, which represents approximately
Under its previous normal course issuer bid approved by the TSX on August 9, 2023, the number of Common Shares that could be repurchased for cancellation was 19,427,276 Common Shares. Converge completed the purchase for cancellation through the facilities of the TSX, and through alternative trading systems, of 10,027,500 Common Shares at a weighted average price of
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge's global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Forward-Looking Information
This press release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation regarding Converge and its business, including statements related to the timing and amount of potential purchases and the cancellation of Common Shares under the NCIB and the ASPP. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts". "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
The forward-looking statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that actual benefits or impact to the Company and its share price from such purchases and cancellations may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the benefits or impacts to the Company and its share price are consistent with the forward-looking statements contained in this press release, those results may not be indicative of results or developments in future periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's filings available on SEDAR+ under the Company's profile at www.sedarplus.ca including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.
The TSX has not reviewed the information provided under this press release and does not accept responsibility for the adequacy or accuracy of this release.
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SOURCE Converge Technology Solutions Corp.
FAQ
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